CAC 40 Gains As Inflationary Pressures Ease
(RTTNews) - French stocks traded higher on Thursday after data showed France's consumer price inflation eased to the lowest level in more than a year amid a fall in energy costs as initially estimated.
The consumer price index climbed 4.5 percent year-over-year in June, following a 5.1 percent gain in May. That was in line with the flash data published on June 30.
Further, this was the weakest inflation rate since March 2022, when prices had risen the same 4.5 percent.
However, it remained significantly above the European Central Bank's 2 percent target.
The benchmark CAC 40 was up 33 points, or half a percent, at 7,365 after climbing 1.6 percent in the previous session.
Casino Group shares plunged 4.2 percent. The cash-strapped retailer said it estimates like-for-like sales for the second quarter, in France, to be down 6.6 percent reflecting lower hyper and supermarkets sales on a like-for-like basis due to price cuts.
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